12th Feb 2020 07:46
(Alliance News) - J Sainsbury PLC on Wednesday said it will begin a search for a new chair for its banking arm after incumbent Roger Davis announced plans to step down.
Davis has been chair at Sainsbury's Bank since May 2013.
The grocer said: "A search to find his replacement will begin and a further announcement regarding timings of his retirement and news of his successor will be made in due course."
The news comes less than a month after the company said Chief Executive Mike Coupe will step down from the role after nearly six years at the helm. He will be succeeded by Retail & Operations Director Simon Roberts
The company in September announced a freeze on putting new cash into its financial services arm as part of an overhaul of the unit.
The firm at the time said it would "immediately stop new mortgage sales" and have no more "capital injections" after a GBP35 million investment. It also aims to cut the cost to income ratio by around 50%.
The measures are part of a "five year plan" for its financial services unit with the aim of doubling underlying pretax profit and delivering double digit returns on capital employed.
By Eric Cunha; [email protected]
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